OCL Ltd - Accounts to registrar (filleted) - small 18.2
OCL Ltd - Accounts to registrar (filleted) - small 18.2
| REGISTERED NUMBER: |
| Unaudited Financial Statements for the Year Ended 30 November 2019 |
| for |
| OCL Ltd |
| OCL Ltd (Registered number: 11353298) |
| Contents of the Financial Statements |
| for the Year Ended 30 November 2019 |
| Page |
| Company Information | 1 |
| Balance Sheet | 2 |
| Notes to the Financial Statements | 4 |
| OCL Ltd |
| Company Information |
| for the Year Ended 30 November 2019 |
| DIRECTORS: |
| REGISTERED OFFICE: |
| REGISTERED NUMBER: |
| ACCOUNTANTS: |
| Chartered Accountants |
| 5 Technology Park |
| Colindeep Lane |
| Colindale |
| London |
| NW9 6BX |
| OCL Ltd (Registered number: 11353298) |
| Balance Sheet |
| 30 November 2019 |
| 2019 | 2018 |
| Notes | £ | £ |
| FIXED ASSETS |
| Intangible assets | 4 |
| Tangible assets | 5 |
| Investments | 6 |
| CURRENT ASSETS |
| Debtors | 7 |
| Cash at bank |
| CREDITORS |
| Amounts falling due within one year | 8 | ( |
) | ( |
) |
| NET CURRENT LIABILITIES | ( |
) | ( |
) |
| TOTAL ASSETS LESS CURRENT LIABILITIES |
( |
) |
| CREDITORS |
| Amounts falling due after more than one year |
9 |
( |
) |
| PROVISIONS FOR LIABILITIES | ( |
) |
| NET ASSETS/(LIABILITIES) | ( |
) |
| CAPITAL AND RESERVES |
| Called up share capital |
| Retained earnings | ( |
) |
| ( |
) |
| The directors acknowledge their responsibilities for: |
| (a) | ensuring that the company keeps accounting records which comply with Sections 386 and 387 of the Companies Act 2006 and |
| (b) | preparing financial statements which give a true and fair view of the state of affairs of the company as at the end of each financial year and of its profit or loss for each financial year in accordance with the requirements of Sections 394 and 395 and which otherwise comply with the requirements of the Companies Act 2006 relating to financial statements, so far as applicable to the company. |
| OCL Ltd (Registered number: 11353298) |
| Balance Sheet - continued |
| 30 November 2019 |
| In accordance with Section 444 of the Companies Act 2006, the Statement of Comprehensive Income has not been delivered. |
| The financial statements were approved by the Board of Directors and authorised for issue on |
| OCL Ltd (Registered number: 11353298) |
| Notes to the Financial Statements |
| for the Year Ended 30 November 2019 |
| 1. | STATUTORY INFORMATION |
| OCL Ltd is a |
| The presentation currency of the financial statements is the Pound Sterling (£). |
| 2. | ACCOUNTING POLICIES |
| Basis of preparing the financial statements |
| Related party exemption |
| The company has taken advantage of exemption, under the terms of Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland', not to disclose related party transactions with wholly owned subsidiaries within the group. |
| Turnover |
| Turnover represents the invoiced sale of services, excluding value added tax. Income is recognised as the service is provided. |
| Goodwill |
| Website & app development |
| Website & app development is stated at cost less accumulated amortisation. Amortisation is calculated to write off the cost in equal annual instalments over a period of three years. |
| Tangible fixed assets |
| Short leasehold | - |
| Improvements to property | - |
| Plant and machinery | - |
| Fixtures and fittings | - |
| Computer equipment | - |
| Investments in subsidiaries |
| Investments in subsidiary undertakings are recognised at cost. |
| Financial instruments |
| Debtors |
| Short term debtors are measured at transaction price, less any impairment. |
| Creditors |
| Short term creditors are measured at transaction price. |
| OCL Ltd (Registered number: 11353298) |
| Notes to the Financial Statements - continued |
| for the Year Ended 30 November 2019 |
| 2. | ACCOUNTING POLICIES - continued |
| Taxation |
| Taxation for the year comprises current and deferred tax. Tax is recognised in the Income Statement, except to the extent that it relates to items recognised in other comprehensive income or directly in equity. |
| Current or deferred taxation assets and liabilities are not discounted. |
| Current tax is recognised at the amount of tax payable using the tax rates and laws that have been enacted or substantively enacted by the balance sheet date. |
| Deferred tax |
| Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the balance sheet date. |
| Timing differences arise from the inclusion of income and expenses in tax assessments in periods different from those in which they are recognised in financial statements. Deferred tax is measured using tax rates and laws that have been enacted or substantively enacted by the year end and that are expected to apply to the reversal of the timing difference. |
| Unrelieved tax losses and other deferred tax assets are recognised only to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits. |
| Hire purchase and leasing commitments |
| Assets obtained under hire purchase contracts or finance leases are capitalised in the balance sheet. Those held under hire purchase contracts are depreciated over their estimated useful lives. Those held under finance leases are depreciated over their estimated useful lives or the lease term, whichever is the shorter. |
| The interest element of these obligations is charged to profit or loss over the relevant period. The capital element of the future payments is treated as a liability. |
| Rentals paid under operating leases are charged to profit or loss on a straight line basis over the period of the lease. |
| Pension costs and other post-retirement benefits |
| The company operates a defined contribution pension scheme. Contributions payable to the company's pension scheme are charged to profit or loss in the period to which they relate. |
| 3. | EMPLOYEES AND DIRECTORS |
| The average number of employees during the year was |
| 4. | INTANGIBLE FIXED ASSETS |
| Website |
| Goodwill | and app | Totals |
| £ | £ | £ |
| COST |
| Additions |
| Reclassification/transfer |
| At 30 November 2019 |
| AMORTISATION |
| Amortisation for year |
| At 30 November 2019 |
| NET BOOK VALUE |
| At 30 November 2019 |
| OCL Ltd (Registered number: 11353298) |
| Notes to the Financial Statements - continued |
| for the Year Ended 30 November 2019 |
| 5. | TANGIBLE FIXED ASSETS |
| Improvements |
| Short | to | Plant and |
| leasehold | property | machinery |
| £ | £ | £ |
| COST |
| At 1 December 2018 |
| Additions |
| At 30 November 2019 |
| DEPRECIATION |
| Charge for year |
| At 30 November 2019 |
| NET BOOK VALUE |
| At 30 November 2019 |
| At 30 November 2018 |
| Fixtures |
| and | Computer |
| fittings | equipment | Totals |
| £ | £ | £ |
| COST |
| At 1 December 2018 |
| Additions |
| At 30 November 2019 |
| DEPRECIATION |
| Charge for year |
| At 30 November 2019 |
| NET BOOK VALUE |
| At 30 November 2019 |
| At 30 November 2018 |
| OCL Ltd (Registered number: 11353298) |
| Notes to the Financial Statements - continued |
| for the Year Ended 30 November 2019 |
| 5. | TANGIBLE FIXED ASSETS - continued |
| Fixed assets, included in the above, which are held under hire purchase contracts are as follows: |
| Plant and |
| machinery |
| £ |
| COST |
| At 1 December 2018 |
| Additions |
| At 30 November 2019 |
| DEPRECIATION |
| Charge for year |
| At 30 November 2019 |
| NET BOOK VALUE |
| At 30 November 2019 |
| At 30 November 2018 |
| 6. | FIXED ASSET INVESTMENTS |
| Shares in |
| group |
| undertakings |
| £ |
| COST |
| At 1 December 2018 |
| Impairments | ( |
) |
| Reclassification/transfer | ( |
) |
| At 30 November 2019 |
| NET BOOK VALUE |
| At 30 November 2019 |
| At 30 November 2018 |
| During the year to 30 November 2019 the trade and assets of the group undertakings were transferred to OCL Limited. The trade and assets were transferred at their carrying value resulting in an impairment of £2,273,362 and a reclassification of £2,766,534 to goodwill. |
| 7. | DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
| 2019 | 2018 |
| £ | £ |
| Trade debtors |
| Other debtors |
| Prepayments and accrued income |
| OCL Ltd (Registered number: 11353298) |
| Notes to the Financial Statements - continued |
| for the Year Ended 30 November 2019 |
| 8. | CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
| 2019 | 2018 |
| £ | £ |
| Hire purchase contracts (see note 10) |
| Trade creditors |
| Amounts owed to group undertakings |
| Corporation tax |
| Social security and other taxes |
| Other creditors |
| Directors' current accounts | 3,474,974 | 5,040,000 |
| Accruals and deferred income |
| 9. | CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR |
| 2019 | 2018 |
| £ | £ |
| Hire purchase contracts (see note 10) |
| 10. | LEASING AGREEMENTS |
| Minimum lease payments fall due as follows: |
| Hire purchase contracts |
| 2019 | 2018 |
| £ | £ |
| Gross obligations repayable: |
| Within one year |
| Between one and five years |
| Finance charges repayable: |
| Within one year |
| Between one and five years |
| Net obligations repayable: |
| Within one year |
| Between one and five years |
| OCL Ltd (Registered number: 11353298) |
| Notes to the Financial Statements - continued |
| for the Year Ended 30 November 2019 |
| 10. | LEASING AGREEMENTS - continued |
| Non-cancellable operating | leases |
| 2019 | 2018 |
| £ | £ |
| Within one year |
| Between one and five years |
| In more than five years |
| 11. | SECURED DEBTS |
| Bank loans are secured by fixed and floating charges against all assets held by the Company. |
| 12. | RELATED PARTY DISCLOSURES |
| Amounts owed to directors are interest free loans repayable on demand. |